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Rogue trader who lost £170 billion arrested

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    Rogue trader who lost £170 billion arrested

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    So if Nic Leeson got 8 years for losing £850 million an appropriate sentence would be 1600 years....
    If you find this post offensive, please insert "Chan" before and "tho" after, then it should be OK.

    Sometimes I almost feel just like a human being - Elvis Costello

    #2
    Originally posted by Chantho View Post
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    So if Nic Leeson got 8 years for losing £850 million an appropriate sentence would be 1600 years....
    170 billion? Are you dreaming?

    Comment


      #3
      Originally posted by Doggy Styles View Post
      170 billion? Are you dreaming?
      He is doing DimPrawn on us.

      HTH

      Comment


        #4
        I see that I have erred in the title which should begin "Rogue trader Brown"

        HTH
        If you find this post offensive, please insert "Chan" before and "tho" after, then it should be OK.

        Sometimes I almost feel just like a human being - Elvis Costello

        Comment


          #5
          Originally posted by Chantho View Post
          I see that I have erred in the title which should begin "Rogue trader Brown"

          HTH
          Sort of lost its effect then.

          Anyway he lost more than that. The 170 billion was just in one year.

          Comment


            #6
            He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.
            "A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester Freamon

            Comment


              #7
              Originally posted by Freamon View Post
              He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.
              How do you pin sovereign debt on rogue traders in private banks?

              Comment


                #8
                Originally posted by Doggy Styles View Post
                How do you pin sovereign debt on rogue traders in private banks?
                You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.

                Interestingly the profitable rogue traders never come to light.
                "A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester Freamon

                Comment


                  #9
                  Originally posted by Freamon View Post
                  Interestingly the profitable rogue traders never come to light.
                  They do in those massive bonus lists.

                  HTH

                  Comment


                    #10
                    Originally posted by Freamon View Post
                    You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.
                    What you are describing is private bank loss, not sovereign debt. Sovereign debt is government debt. Why would a private bank pretend a government deficit is their fault?

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